TVS and Star Health veterans roll out Galaxy Promise health plans

In a significant collaboration, Venu Srinivasan, Chairman Emeritus of TVS Motor, and V Jagannathan, founder of Star Health and Allied Insurance, have unveiled the first product from their new venture, Galaxy Health Insurance. This standalone health insurance company aims to provide innovative and affordable solutions for families navigating the rising costs of healthcare.

The debut product, Galaxy Promise, offers coverage ranging from Rs 3 lakh to Rs 1 crore, with three plan tiers: Signature, Elite, and Premier. The product includes enhanced optional covers, catering to families seeking financial protection amid escalating healthcare costs, which are rising by 10-15% annually due to inflation, advanced treatments, and increasing demand for specialized care.

Galaxy Health Insurance, licensed by regulators in March 2024, distinguishes itself with unique benefits. Among these is unlimited restoration of the sum insured, allowing policyholders to make multiple claims in a policy year, even for recurring treatments. This feature ensures comprehensive coverage for both new and existing health concerns.

Another standout feature is a fixed premium rate up to age 55 or until a claim is made, incentivizing customers to maintain their insurance. Coverage extends to over 68 items, including room rent, ICU facilities, and advanced treatments. Organ donors covered under the policy are eligible for a two-year premium waiver for themselves and their immediate family members.

The plans cater to diverse health needs, such as assisted reproduction treatments, in-utero foetal surgery, delivery expenses, and newborn care. Customers can earn a cumulative bonus of up to 500% of the sum insured and enjoy renewal discounts of up to 20% based on wellness activities.

G Srinivasan, Managing Director and CEO of Galaxy Health Insurance, emphasized the company’s mission to make healthcare accessible and proactive, saying, “Our solutions not only provide financial security but also foster a culture of preventive health and wellness.”

With these offerings, Galaxy Health Insurance is poised to redefine health coverage in India, addressing both financial and wellness aspects of healthcare.